asked
I have a question about my money in a mutual fund account. I am about to withdraw $200,000 to buy a home with cash and am trying to minimize tax consequences. I went to Vanguard's site and elected the 'Specific identification method' to select which fund I sell. The reason is that if I select the fund which made the least money, I will pay less tax. This seems like the best method when selling shares. Is there any downside to this method? Also, I want to ensure that when I choose the 'Specific identification' method, I do not mess up anything when I file taxes next year.
April 17th, 2023
Can a surviving child draw social security benefits from a parent if the parent hasn't paid social security in 5 years?
April 24th, 2024
For 2017 taxes, I provide over 50% of my 88-year-old mother's annual income. She is retired with an annual income of approximately $12,000, mostly from Social Security. She does not live with me but owns a home she lives in. Can I deduct her as a dependent?
October 15th, 2024
As a tax professional in Las Vegas, I have a client with significant gambling winnings and losses, documented in a gambling log. I use Intuit Pro Series software and have been told I can report total gambling winnings and losses up to the amount of winnings. I am considering overriding the W2G winnings in the software based on my client's figures. Am I legally and ethically okay in doing so, and what records should I retain?
August 3rd, 2023
I'm using TaxAct to complete my 2017 federal return and need to fill out Form 8863 for educational credits for my son attending a UK university. The university does not have an EIN and cannot provide a 1098-T. I have a letter from the university with the necessary information. My questions are: (1) Will the IRS still provide me a credit if I don't have an EIN for the university? (2) Can I add a note to my return to inform the IRS about the university's lack of an EIN? (3) Is it possible or advisable to attach a PDF copy of the university's letter to verify the information?
February 11th, 2023
If your only income is Social Security, do you have to file income taxes?
June 8th, 2023